Peugeot launches joint venture to build cars in Algeria

French carmaker Peugeot is to build cars for the Algerian market in a joint venture. (Reuters)

Peugeot maker PSA Group signed a joint venture with three Algerian partners to launch a manufacturing unit building cars for the Algerian market, it said on Sunday.

The French carmaker said it would hold 49 pct of the joint venture’s capital, representing a total investment of around 100 million euros ($117 million).

The Algerian partners are Condor Electronics, Palpa Pro and Entreprise Nationale de Production de Machines-Outils (PMO).

A production unit will be fully operational in 2019 with local operations gradually starting from 2018, Peugeot said.

Last Update: Wednesday, 20 May 2020 KSA 09:55 - GMT 06:55